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BXP, Inc.（BXP）与DNOW Inc.（DNOW）财务数据对比。点击上方公司名可切换其他公司
DNOW Inc.的季度营收约是BXP, Inc.的1.1倍（$959.0M vs $872.1M），BXP, Inc.净利率更高（15.3% vs -16.8%，领先32.0%），DNOW Inc.同比增速更快（68.0% vs 0.8%），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 1.3%）
BXP是美国头部商业地产投资信托企业，核心业务为持有、运营及开发A级高端写字楼资产，项目覆盖纽约、波士顿、旧金山等美国核心都市圈，服务企业、科技、专业服务等领域的多元租户。
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
BXP vs DNOW — 直观对比
营收规模更大
DNOW
是对方的1.1倍
$872.1M
营收增速更快
DNOW
高出67.1%
0.8%
净利率更高
BXP
高出32.0%
-16.8%
两年增速更快
DNOW
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $959.0M |
| 净利润 | $133.0M | $-161.0M |
| 毛利率 | — | 5.2% |
| 营业利润率 | — | -19.6% |
| 净利率 | 15.3% | -16.8% |
| 营收同比 | 0.8% | 68.0% |
| 净利润同比 | 53.0% | -905.0% |
| 每股收益（稀释后） | $1.69 | $-1.42 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BXPDNOW
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $959.0M | ||
| Q3 25 | $871.5M | $634.0M | ||
| Q2 25 | $868.5M | $628.0M | ||
| Q1 25 | $865.2M | $599.0M | ||
| Q4 24 | $858.6M | $571.0M | ||
| Q3 24 | $859.2M | $606.0M | ||
| Q2 24 | $850.5M | $633.0M |
净利润BXPDNOW
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-161.0M | ||
| Q3 25 | $-121.7M | $25.0M | ||
| Q2 25 | $89.0M | $25.0M | ||
| Q1 25 | $61.2M | $22.0M | ||
| Q4 24 | $-228.9M | $20.0M | ||
| Q3 24 | $83.6M | $13.0M | ||
| Q2 24 | $79.6M | $24.0M |
毛利率BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 5.2% | ||
| Q3 25 | 59.3% | 22.9% | ||
| Q2 25 | 59.2% | 22.9% | ||
| Q1 25 | 59.2% | 23.2% | ||
| Q4 24 | 59.7% | 22.6% | ||
| Q3 24 | 59.5% | 22.3% | ||
| Q2 24 | 59.8% | 21.8% |
营业利润率BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | — | -19.6% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.2% |
净利率BXPDNOW
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -16.8% | ||
| Q3 25 | -14.0% | 3.9% | ||
| Q2 25 | 10.2% | 4.0% | ||
| Q1 25 | 7.1% | 3.7% | ||
| Q4 24 | -26.7% | 3.5% | ||
| Q3 24 | 9.7% | 2.1% | ||
| Q2 24 | 9.4% | 3.8% |
每股收益（稀释后）BXPDNOW
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-1.42 | ||
| Q3 25 | $-0.77 | $0.23 | ||
| Q2 25 | $0.56 | $0.23 | ||
| Q1 25 | $0.39 | $0.20 | ||
| Q4 24 | $-1.46 | $0.19 | ||
| Q3 24 | $0.53 | $0.12 | ||
| Q2 24 | $0.51 | $0.21 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $512.8M | $164.0M |
| 总债务越低越好 | — | $411.0M |
| 股东权益账面价值 | $7.7B | $2.2B |
| 总资产 | $25.1B | $3.9B |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资BXPDNOW
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $164.0M | ||
| Q3 25 | $861.1M | $266.0M | ||
| Q2 25 | $447.0M | $232.0M | ||
| Q1 25 | $398.1M | $219.0M | ||
| Q4 24 | $1.3B | $256.0M | ||
| Q3 24 | $1.4B | $261.0M | ||
| Q2 24 | $685.4M | $197.0M |
总债务BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | — | $411.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BXPDNOW
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $2.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.1B |
总资产BXPDNOW
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $3.9B | ||
| Q3 25 | $26.0B | $1.7B | ||
| Q2 25 | $25.6B | $1.7B | ||
| Q1 25 | $25.4B | $1.7B | ||
| Q4 24 | $26.1B | $1.6B | ||
| Q3 24 | $26.4B | $1.6B | ||
| Q2 24 | $25.5B | $1.6B |
负债/权益比BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $83.0M |
| 自由现金流经营现金流 - 资本支出 | — | $76.0M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | 1.5% | 0.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $134.0M |
8季度趋势，按日历期对齐
经营现金流BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $83.0M | ||
| Q3 25 | $274.2M | $43.0M | ||
| Q2 25 | $353.1M | $45.0M | ||
| Q1 25 | $210.0M | $-16.0M | ||
| Q4 24 | $383.7M | $122.0M | ||
| Q3 24 | $286.1M | $74.0M | ||
| Q2 24 | $367.1M | $21.0M |
自由现金流BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $76.0M | ||
| Q3 25 | $231.6M | $39.0M | ||
| Q2 25 | $281.5M | $41.0M | ||
| Q1 25 | $152.6M | $-22.0M | ||
| Q4 24 | $312.5M | $119.0M | ||
| Q3 24 | $234.5M | $72.0M | ||
| Q2 24 | $332.4M | $18.0M |
自由现金流率BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 7.9% | ||
| Q3 25 | 26.6% | 6.2% | ||
| Q2 25 | 32.4% | 6.5% | ||
| Q1 25 | 17.6% | -3.7% | ||
| Q4 24 | 36.4% | 20.8% | ||
| Q3 24 | 27.3% | 11.9% | ||
| Q2 24 | 39.1% | 2.8% |
资本支出强度BXPDNOW
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.7% | ||
| Q3 25 | 4.9% | 0.6% | ||
| Q2 25 | 8.2% | 0.6% | ||
| Q1 25 | 6.6% | 1.0% | ||
| Q4 24 | 8.3% | 0.5% | ||
| Q3 24 | 6.0% | 0.3% | ||
| Q2 24 | 4.1% | 0.5% |
现金转化率BXPDNOW
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | 1.72× | ||
| Q2 25 | 3.97× | 1.80× | ||
| Q1 25 | 3.43× | -0.73× | ||
| Q4 24 | — | 6.10× | ||
| Q3 24 | 3.42× | 5.69× | ||
| Q2 24 | 4.61× | 0.88× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
